Bitcoin at Critical Juncture

Bitcoin is nearing a critical juncture as can be seen on the chart. Price is currently in a descending channel (yellow and pink shaded area).

Price broke through Pitchfan support around $500.00 back in September 2014.

Next support is near $185.00 and rises to around $245.00 by October of this year.

The Bitcoin price needs to break above the descending channel it is trapped in or else it breaks the next Pitchfan support level. If it breaks the support level next decent support wouldn't come in until around $118.00 or so.